The Federal Government, in collaboration with stakeholders, has announced a bold move to strengthen Micro, Small, and Medium Enterprises (MSMEs) across Nigeria. Vice-President Kashim Shettima revealed this during the first meeting of the National Council on MSMEs for 2025, held at the State House in Abuja.
A key highlight of the meeting was the formation of a high-level committee tasked with interfacing with the Central Bank of Nigeria (CBN) and other stakeholders to improve financing for small businesses. The committee, chaired by the Minister of State for Industry, Trade, and Investment, Senator John Enoh, includes Ministers of Science and Technology, Women Affairs, and State for Agriculture and Food Security, among others.
In addition, the council approved a groundbreaking loan scheme called the Syndicated De-Risked Loans for Small Businesses. This initiative, a partnership between state governments and financial institutions, aims to provide MSMEs with access to finance at single-digit interest rates nationwide.
Vice-President Shettima emphasized the government’s commitment to supporting small businesses, which are vital for job creation and economic growth. He urged state governments to establish non-partisan structures to ensure the scheme’s success and longevity.
“Some of these initiatives are laudable and will need to outlive the present administrations in the states. Regardless of political affiliations, Nigerians must be seen to be the ultimate beneficiaries of these schemes that we are trying to put in place,” Shettima stated.
The Senior Special Assistant to the President on MSMEs, Mr. Temitola Adekunle-Johnson, described the loan scheme as a game-changer. He highlighted its potential to provide affordable and accessible loans, aligning with President Bola Tinubu’s vision for small business development.
Meanwhile, the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Mr. Charles Odii, presented the GROW Nigeria Strategy. This initiative, born from a 2024 MSME conference, aims to provide guidance, resources, and opportunities to support over 40 million small businesses across eight key sectors.
The meeting was attended by key stakeholders, including state governors’ representatives, CEOs of major financial institutions, and heads of regulatory agencies. This unified effort underscores the government’s determination to empower MSMEs and drive economic growth.
With these new initiatives, Nigeria’s MSME sector is poised for significant transformation, offering hope for millions of small business owners and job seekers across the country.
